Asian Stocks Tumble, Led by China, on Tightening Concern

Asian stocks plunged, with a gauge of Chinese companies listed in Hong Kong erasing the year’s gains, amid concern the Federal Reserve may scale back U.S. economic stimulus and as China ordered increased property curbs.

The MSCI Asia Pacific Index dropped 1.4 percent to 133.31 as of 7:59 p.m. in Tokyo, at one point heading for its biggest single-day decline since July. The Hang Seng China Enterprises Index tumbled 2.2 percent, erasing the year’s advance, and the CSI 300 Index of mainland-listed shares plummeted by the most in more than 18 months after China ordered local authorities to do more to rein in property speculation. More than three stocks fell for each that rose on the Asia-Pacific measure, which closed yesterday at the highest level since August 2011.